Mortgage Calculator
Estimate your monthly payment, lifetime interest, and payoff date — and see what extra payments would save you.
Loan details
20.0% down · Loan: $400,000
Typical: 25-30 years
Applied to principal
VerifiedAdvisorsHub · Mortgage Calculator
Your Mortgage Breakdown
Payment Breakdown
About mortgage math
Understand what a home actually costs — principal, interest, and the quiet line items.
At a glance
Best for
- Comparing mortgage scenarios side-by-side
- Quantifying the impact of extra monthly payments
- Estimating total monthly housing cost beyond just the mortgage payment
Watch out for
- Doesn't model property appreciation or opportunity cost of the down payment
- Assumes a fixed rate — variable and adjustable rates behave differently
- CMHC / PMI insurance on high-ratio mortgages isn't explicitly calculated
This is educational, not financial advice. An advisor can apply it to your specific situation.
How it works
Monthly payment is computed with the standard fixed-rate amortization formula:Payment = P × r / (1 − (1 + r)−n)where P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (amortization years × 12).
Extra monthly payments are applied directly to principal each month, shortening the loan and reducing total interest. The total monthly cost shown also includes property tax and home insurance if you enter them — closer to a true PITI (principal, interest, tax, insurance) figure.
This is an estimate only. It doesn't account for CMHC/PMI insurance, HOA fees, rate changes on variable loans, or Canadian semi-annual compounding. Talk to a licensed mortgage professional for an exact payment and qualification analysis.